Which industry has been the major source of foreign exchange earner?

Which industry has been a major foreign exchange earner?

The industry that has earned our country a major, sizeable share of foreign exchange, is the Information Technology industry. In the last two decades, the contribution to India’s GDP from Information Technology, has grown by 6.5%.

What are the sources of earning foreign exchange?

Sources of foreign exchange are areas in which economic and financial transactions between countries affect exchange rate levels. These sources comprise monetary payments and receipts whose respective levels are driven by supply and demand for goods and services, investments and currency.

Which of the following has been a major source of foreign exchange for IT industry in India?

BPO are the major source of foreign exchange for IT industry.

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Which industry is the major foreign exchange earner in the last few years?

In recent years, India is earning large foreign exchange through the export of information technology. The information technology in India is comprised of two-component, viz., Business Process Outsourcing (BPO) and IT services. The sector has increased its contribution to India’s GDP from 1.2% in 1988 to 7.7% in 2017.

Why is information technology industry a major foreign exchange earner?

(ii)This industry has been a major foreign exchange earner in the last two or three years because of its fast growing Business Processes Outsourcing (BPO) sector. (iii)The continuing growth in the hardware and software is the key to the success of IT industry in India.

In which sector are the manufacturing industries placed?

Manufacturing Industries are a part of secondary sector of the economy since it produces finished product. Production of finished product is a part of secondary sector’s activities.

What is foreign exchange earner?

Foreign Exchange Earnings means to the monetary gain made by selling goods and services or by exchanging currencies in global markets.

What do you mean by foreign exchange market who are the major participants in the foreign exchange market?

The major participants in the foreign exchange market are the large Commercial banks who provide the core of market. As many as 100 to 200 banks across the globe actively “make the market” in the foreign exchange.

Which one of the following has been major source of foreign exchange for AAI tea industry?

The answer given by Akshay is correct. Business Process Outsourcing or BPO’s carry out the outsourcing of tasks that are more process oriented and does not require professional expertise. These BPOs earn a large revenue for the IT industry.

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What does the O in BPO stand for?

BPO is the abbreviation for business process outsourcing, which refers to when companies outsource business processes to a third-party (external) company.

What does the software technology park provide?

The Software Technology Park (STP) scheme is for providing facilities to IT industry for undertaking software development and IT enabled services for 100% exports using data communication links in the form of physical exports including export of professional services.

Which of the following items is the highest foreign exchange earner in India?

Engineering contributes 25% of India’s total exports in goods and is its largest foreign exchange earner. The engineering sector has a 30% weight in India’s Index of Industrial Production. The engineering goods export was US$ 76.63 billion in FY21 and for March 2021, it was US$ 9.31 billion.

How can Industrialisation assists in bringing in foreign exchange?

It is true, that Industrialization assists in bringing in foreign exchange. Manufactured goods which are exported which increases trade and commerce of the country which in turn brings foreign exchange.